Purchasing power decreased by 8.42% in 1824 compared to 1823. On average, you would have to spend 8.42% more money in 1824 than in 1823 for the same item.
In other words, £1 in 1823 is equivalent in purchasing power to about £1.08 in 1824.
The 1823 inflation rate was 6.74%. The inflation rate in 1824 was 8.42%. The 1824 inflation rate is higher compared to the average inflation rate of 2.43% per year between 1824 and 2019.
Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1824 was 10.30. It was 9.50 in the previous year, 1823. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.
|Average inflation rate||8.42%|
|Converted amount (£1 base)||£1.08|
|Price difference (£1 base)||£0.08|
|CPI in 1823||9.500|
|CPI in 1824||10.300|
|Inflation in 1823||6.74%|
|Inflation in 1824||8.42%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The UK CPI was 9.5 in the year 1823 and 10.3 in 1824:
£1 in 1823 has the same "purchasing power" or "buying power" as £1.08 in 1824.
To get the total inflation rate for the 1 years between 1823 and 1824, we use the following formula:
Plugging in the values to this equation, we get:
Politics and news often influence economic performance. Here's what was happening at the time:
Raw data for these calculations comes from the composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics' Consumer Price Index, except for 2017, which is based on The Bank of England's forecast.
You may use the following MLA citation for this page: “Inflation Rate in 1824 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 26 Apr. 2019, https://www.officialdata.org/UK-inflation-rate-in-1824.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.